Writing a will is a relatively easy and simple task. Doing so is a great way to lay the groundwork for your estate plan and ensure that the law upholds your basic wishes upon death.
When you are ready to expand upon your estate planning process, however, it is best to consider a trust as well as a will. Once you understand how a will alone might not meet all your needs, you can better plan for the distribution of your estate.
A will can be inflexible
The Texas State Law Library provides resources that can help with writing a simple will that can satisfy the most basic necessities of an estate plan. Be aware that the terms of a will are inflexible and not open to interpretation, which can raise issues if you do not regularly update the document as circumstances change over the years. Your will is also limited to assigning items such as assets or guardianship and does not allow you to outline how an inheritor should use your money or how a guardian should raise your children.
A trust allows for a more comprehensive estate plan
A trust is a legal document that allows for a more robust explanation of your wishes and entails assigning a trustee who will carry out your terms. Through a trust, you can more easily manage beneficiaries and help your family avoid probate or additional taxes.
Your estate plan ultimately serves to provide your family with the support they need and peace of mind following your passing. While a will might get the job done, you can spare your loved ones a great deal of time and effort by building a more comprehensive estate plan through the use of a trust.